According to Polish daily, Gazeta Wyborcza, secret personal data has been flowing out of ZUS (Social Security Fund) and Prokom’s system created for that fund. According to Gazeta Wyborcza, names of up to 250,000 people that need to choose a pension fund, have been offered by an unknown man from Gdynia to Polish pension funds, out of which only PZU openly admits to have spoken with the person. Polish police confirmed that it is dealing with this case, after PZU pension fund filing.
Our view: We believe the news could have a moderately negative trading impact on Prokom. Both ZUS and Prokom representatives deny that any data outflow from the system could have happened. According to ZUS spokesman, only authorized personnel has access to the database while each entry is recorded – we see nothing exceptional in such a security. Prokom’s spokesman stated that its proprietary software has the best security solutions that exist in the world that he had never heard had been broken. We would just wish to remind that the majority of code or security breaching takes place because of the weak part, i.e. human. For the time being, we do not see how the data could have flown out of a different agency than ZUS and Prokom’s system. We reiterate our Buy rating for Prokom with a fair value estimate at PLN 167.5 per share.